Cirrus Logic, Inc.
CRUS 6.5Price and target zones价格与目标区间
In the buy zone在买入区间内
What the company does公司做什么
Cirrus Logic designs mixed-signal chips. It makes audio chips and other small chips that control power, motion, and cameras. Almost all its sales go into one customer's phones and tablets. The company holds no debt and returns most of its cash to shareholders through buybacks.Cirrus Logic设计混合信号芯片。公司生产音频芯片,以及控制电源、运动感应和摄像头的其他小型芯片。几乎所有销售额都来自一家客户的手机和平板电脑。公司没有债务,并通过股票回购把大部分现金返还给股东。
Earns from营收来源 it sells chips to device makers, who put the chips inside phones, tablets, and laptops.公司把芯片卖给设备制造商,后者将芯片装入手机、平板电脑和笔记本电脑中。
Read the full description查看完整介绍
Cirrus Logic, Inc., a fabless semiconductor company, develops mixed-signal processing solutions and audio products in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology for use in smartphones, PCs, tablets, AR/VR headsets, wearables, home theatre systems, automotive entertainment systems, and professional audio systems. It also provides camera controllers, haptic and sensing solutions, and battery and power ICs for smartphones, as well as products for automotive, industrial, and imaging applications. The company markets and sells its products through direct sales force, external sales representatives, and distributors. Cirrus Logic, Inc. was incorporated in 1984 and is headquartered in Austin, Texas.
Revenue breakdown营收构成 share of revenue按收入占比计算
Audio is the company's oldest and largest business line. Growth is slow and steady, tied to unit shipments and content per device, not to new customers. The main risk is that a device maker builds this function in-house instead of buying it.音频是公司最古老、规模最大的业务线。增长缓慢而稳定,与出货量和单台设备的芯片含量挂钩,而非新客户带来的增长。主要风险是设备制造商自行研发这项功能,而不再向外采购。
- Smart amplifiers智能放大器 — boost speaker sound and protect the speaker from damage, so phone makers do not need a separate amplifier chip.提升扬声器音量并保护扬声器免受损坏,使手机制造商无需再配备单独的放大器芯片。
- Audio codecs音频编解码器 — convert sound between analog and digital form, a task every phone and laptop needs.在模拟信号和数字信号之间转换声音,这是每部手机和笔记本电脑都需要的功能。
- SoundClear softwareSoundClear软件 — noise-cancellation and voice-processing code that runs on the audio chips, so a customer buys the chip and the software together.运行在音频芯片上的降噪和语音处理代码,使客户在购买芯片的同时也购买了配套软件。
HPMS revenue grew about 26% year over year in the most recent quarter, much faster than Audio. Most of this growth still comes from the same phone customer buying more chip content per device, not from new customers. A small but growing slice comes from laptop chips for a different customer base, which is the company's main path to real customer diversification.HPMS收入在最近一个季度同比增长约26%,远快于音频业务。这一增长大部分仍来自同一家手机客户在每台设备上采购更多芯片内容,而非新客户。一小部分但正在增长的收入来自面向另一类客户群的笔记本电脑芯片,这是公司实现真正客户多元化的主要途径。
- Camera controllers摄像头控制器 — manage focus and stabilization for phone camera modules.管理手机摄像头模组的对焦和防抖功能。
- Haptic drivers触觉驱动器 — create the vibration feedback a user feels when they tap a screen or button.产生用户点击屏幕或按钮时感受到的振动反馈。
- Battery and power ICs电池与电源芯片 — manage battery charging and power delivery inside the device.管理设备内部的电池充电和电力输送。
Company facts公司资料
- Founded成立时间
- 1984
- Headquarters总部
- Austin, Texas
- Employees员工人数
- 1,651
- Industry行业
- Semiconductors
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
Red flags
- The standing structural discount is real: ~91% single-customer (Apple) concentration with in-sourcing precedent (Imagination Technologies), and the touted HPMS "diversification" is mostly content within the same customer, not new customers — so the multiple should stay discounted vs a diversified peer at the same ROIC. FV $115-165. Entry $100-120. Trim 20x fwd.
Would upgrade on
- ANALYZED 8/30 — ACCUMULATE, first file. Genuinely high-quality net-cash fabless supplier — 11.1% FCF yield, 7.4x EV/FCF, ~25%+ operating ROIC, disciplined buybacks — near its 52wk low after an Aug-26 guide-down that management and sell-side both frame as a cyclical iPhone-timing / PC-delay air-pocket, not structural share loss.
🟢 8/30 分析——增持，首份报告。 真正高质量的净现金无晶圆厂供应商——11.1% FCF 收益率，7.4x EV/FCF，约 25%+ 营业 ROIC，纪律性回购——在 8 月下调指引后接近 52 周低点，管理层与卖方都将其定性为周期性的 iPhone 时点/PC 延迟空档期，而非结构性份额流失。 🚩 长期存在的结构性折价是真实的：约 91% 单一客户（Apple）集中度，且有自研先例（Imagination Technologies），而被宣传的 HPMS‘多元化’大多是同一客户内部的内容扩展，而非新客户——因此其倍数相对同等 ROIC 的多元化同行应保持折价。 公允价值 $115-165，买入区 $100-120，减持 20x fwd。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 21%
- Revenue growth营收增长
- +13%
Competitors竞争对手
Why customers stay客户为什么留下
its chips pass years of joint design and qualification work with its main customer. A rival chip cannot simply swap in; it must pass the same long qualification cycle, and analog chip design is harder to copy than digital logic.公司的芯片经过了与主要客户多年的联合设计和认证工作。竞争对手的芯片无法简单替换进去,必须通过同样漫长的认证周期,而且模拟芯片设计比数字逻辑芯片更难被复制。